Who said oil should be paid in Dollars?
Yes... we've heard this argument before. I recall some discussion about convincing OPEC nations to accept Euros back when in 1999 and 2000. Any poor oil pumper who would accepted that agreement would have seen their proceeds depreciate by some 20-25%.... :0)
What worries me is when the Ahabs start telling us they want gold instead of USD. That's what will get me a trifle worried.
But then, I imagine, we can unleash good 'ol Saddam, or his boy wonder, upon them all. Or we can give a wink to Iran to stir up some mischief.
Or better yet, we'll just tell the Israelis that since OPEC is threatening the global financial and economic system, they can have at there neighbors.
Of course, these are all rather "extreme" measures, but certainly Aces up our sleeves.
The Ahabs know that Europe can't, nor have the will to, defend them from each other. And I can't see China being accepted as much of an alternative (although always a possibility).
As for Kyoto, I agree that it's going to be big business for many parts of the European economy. Carbon credits are huge over there and I have some stock in a company that hopes to profit from that movement. But I believe the argument our government is making is that it disadvantages industrialize nations, especially the US, while permitting developing nations to effectively ignore environmental planning in their economic growth. We're a huge country, and fossil fuels are far more integral to our economy than they are in Europe.
But what I find particularly amusing is that Europe is planning on shutting down their nuclear reactors, and erecting hundreds of thousands of high-maintenance windmills
that will have to be rebuilt every 15 years, versus the 40-60 year service life of a reactor. And they will find that a decentralized power infrastructure will prove a tremendously costly maintenance nightmare, given the nasty weather over there.
And all of this centrally directed economic activity that is forced to compete against more cost-efficient competing economies, is really bad news for the future of the European economy. Because, just as you stated, it is being subsidized, and thus becoming one more entitlement liability that their taxpayers will have to bear.
But I certainly understand your point of view with regard to making a quick buck from it all.
Personally, I would rather the US subsidize nuclear power plant production because of the the bigger, long-term, bang for the buck that it would give. And besides, with relatively inexpensive electricity, we could move from fossil fuels to hydrogen as the energy of the future.
Btw, I don't think anyone minds our "endless discussion". I learn a tremendous amount from people like yourself by just lurking around and participating when a topic comes up that especially interests me.
Hawk |
